Piaget's new CEO, Benjamin Comer, is committed to "elegance and luxury"

Since taking over as CEO of Piaget in 2021, Benjamin Comer has been dedicated to strengthening the brand's values ​​of elegance and luxurious splendor. He even coined the term "extraleganza" (a combination of extravaganza and elegance). We spoke to Benjamin Comer about his desire to grow Piaget and bring it back into the spotlight, capitalizing on the growing interest in high jewelry and watches.

With rich experience in the jewelry sector, Piaget aims to reach even greater heights with its "Pioget Polo," "Altiplano," and "Limelight Gala" brands.

　Benjamin Comer's appointment to the helm of Piaget was a quiet one, succeeding Chaby Nouri on June 1, 2021. Comer was busy implementing strategy while also celebrating the beautifully executed work of his predecessor when the Altiplano Ultimate Automatic won the Mechanical Exception Watch Prize at the Geneva Grand Prix de la Watchmaking (GPHG) in November 2021.

　Piaget, a subsidiary of the Richemont Group, does not disclose its financial results, but what is known is that the group as a whole had an excellent performance in 2021. In the third quarter of 2021 alone, Richemont Group achieved sales of €5.88 billion, an increase of 35% (32% excluding currency effects), with strong growth mainly in the Americas and Europe.

　Piaget, a luxury watch and jewelry brand, is perfectly positioned for the times ahead. According to a recent study by McKinsey and Business of Fashion, the luxury jewelry sector is expected to grow at an annual rate of 8-12% by 2025, while the watch sector is expected to grow at an annual rate of 1-3%. However, despite a history dating back to 1874, a wealth of creativity, and high-quality jewelry creations, Piaget has remained less recognized as a brand than it actually is. Perhaps this is due to the sheer variety of its watches, which makes it difficult to identify.

　To ensure Piaget's rightful place in the spotlight, Benjamin Comer intends to focus on all the elements that set Piaget apart, including the brand's most iconic models - the Piaget Polo, Altiplano, and Limelight Gala - as well as its creative cuff watches and stone-dial watches that set it apart. The release of the film "355" in February 2022 significantly boosted brand awareness. All of the watches and jewelry worn by the cast, including Jessica Chastain, Penélope Cruz, Fan Bingbing, Diane Kruger, and Lupita Nyong'o, were Piaget.

Europa Star: You have a wealth of experience in the jewelry field, having worked at Cartier for 12 years, Chanel as International Director of Jewelry, and now CEO of Repossi, before moving to Piaget. Does this mean that Piaget will strengthen its jewelry division?

Benjamin Comer: It's true that I have a longer career in the jewelry industry, but I was also in charge of luxury watches at Chanel. In recent years, under the leadership of Chaby Nouri (former CEO), Piaget has made great strides in its jewelry division. More and more brands are interested in both fields, and we intend to develop our own unique vision for these two worlds.

Europa Star: Historically, Piaget has been a pioneer in watchmaking. Its achievements include its challenge to ultra-thin watches, which began with the 9P movement in 1957, its bold jewelry watches since 1959, and the quartz 7P movement developed in 1976. However, it seems that the situation in the secondary market is not as good as it should be. How do you explain this?

Benjamin Comer: I think the focus on the pre-owned market is primarily on sporty stainless steel models for men. We've been focusing on men's models in recent years, and won a special mechanical award at the 2021 Geneva Watchmaking Grand Prix with the Altiplano Ultimate Automatic. However, we primarily produce high-end jewelry watches for women. Mass production is not our goal.

Europa Star: Given your high level of expertise and long history, shouldn't your brand be more well-known?

Benjamin Comer: Piaget is a brand for those who know the real deal, and the number of enthusiasts who are interested in it is increasing. Piaget has been making jewelry watches since 1959, and has an incredible amount of know-how. Piaget also has a unique presence that is different from other brands. Yves Piaget, the fourth chairman of Piaget, told me that when he was running the brand, he felt that something exciting was needed, and he created luxurious models to differentiate himself. That bold attitude is what defines Piaget's identity. It is about daring to be different and appealing to discerning customers.

Europa Star: Have there been too many watch models up until now?

Benjamin Comer: We certainly had many lines, but we are currently focusing on three models: the Piaget Polo, the Altiplano, and the Limelight Gala. To me, the Gala is the jewellery watch par excellence, embodying Piaget's elegance and opulent glamour, with an average price of 30,000 euros. As for the Altiplano, it is a very high-end watch and will remain so for the foreseeable future. We also have a model called the Possession, but this is more linked to the jewellery collection.

Europa Star: Piaget has a wealth of creative pieces, including the cuff watch. Are there any plans to renew or strengthen the position of certain icons, such as the cuff, polo watch, or models with stone dials?

Benjamin Comer: I'm interested in the vibrant and glamorous side of Piaget. I'm particularly drawn to its cufflinks. I also love the use of precious and semi-precious stones. Piaget is a pioneer in this field. Piaget is about "extraleganza" - a combination of elegance and luxurious opulence.

Europa Star: A report by BoF and McKinsey predicts a growth rate of 8-12% for the jewellery sector by 2025. What do you see as Piaget's growth potential?

Benjamin Comer: Quite possibly. In the jewelry sector, we are fortunate to have a well-known product and great experience in goldsmithing. This allows us to offer a different perspective. There are several reasons for the growth potential of jewelry. Purchasing trends have changed significantly in recent years. Whereas previously jewelry was mainly given as a gift, women now buy it for themselves. Another factor is the rising prices of apparel, certain clothing items, and leather goods. Jewelry has become relatively more accessible in comparison. Today, some handbags cost more than 15,000 Swiss francs, but for that price you can buy beautiful jewelry. When people want to reward themselves with their dreams, they choose products that are lasting, can be passed down to future generations, and are emotionally charged.